Dear Ma'am / Sir,
Please help me to pass journal entry for below transaction.
We have DBS multi currency accounts of SGD & USD.
There is a transaction amount of which i am not able to pass journal entries.
In SGD bank statement, it is showing 10,153
And In USD bank statement, it is showing 9,183.
Both above are inter bank transfer.
How to pass entries?
Simple, if the currency spot is below 0 then divide the currency with it or else multiply with it is it is more than 0. This is for converting upper to lower denominatiin and vice versa.
If it is purchases
Dr purchases
Dr fx loss/cr fx gain
Cr bank
One Bank with a multi-currency account.
So money was transferred from SGD to USD. Then what will be the entry for both SGD and USD a/c?
Please explain.
If its a transfer
Dr Usd bank
Cr. SGD bank
Dr. Fx loss
This is most probable
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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